Samsung plans to invest around $ 17 billion to build a chip factory in Texas

(RTTNews) – Samsung plans to invest around $ 17 billion to build a semiconductor manufacturing plant in Taylor, Texas, amid a global shortage of chips used in phones, cars and other electronics.

This is the largest investment Samsung has ever made in the United States to improve the supply chain resilience of critical logic chips. The investment will also bring the company’s total investment in the United States to more than $ 47 billion since it began operating in the country in 1978. The company now has more than 20,000 employees across the country, a Samsung said in a statement Tuesday.

The company noted that the new manufacturing facility will produce advanced logic chips that will power next-generation devices for applications such as mobile, 5G, high-performance computing and artificial intelligence. The Taylor site will cover more than 5 million square meters.

The chip factory will create more than 2,000 high-tech jobs, thousands of indirect jobs and a minimum of 6,500 construction jobs. Construction will begin in early 2022 with a target to start production in the second half of 2024. The $ 17 billion in capital investment includes buildings, property improvements, machinery and equipment.

A grant of $ 27 million from the Texas Enterprise Fund was awarded to Samsung for job creation. In addition, Samsung was offered a bonus of $ 20,000 for jobs created by veterans, said Texas Gov. Greg Abbott.

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